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How solution drivers help innovators to refine their embedded banking technologies

The opportunity 

Imagine the possibilities to integrate payments, cards, deposits, and lending into a single brand experience, enabling growth opportunities for both the bank and its banking partners while providing customers with an unparalleled, relevant and engaging experience. Choosing the right BaaS provider makes frictionless, contextual banking a reality, available to customers at an affordable cost. 

Banking institutions are yet to unlock and harness the true potential of customer engagement. By seamlessly weaving the Banking as a service (BaaS) business model allows banks to cherry-pick from a bountiful array of modular banking capabilities, offered by both traditional banks and specialist fintech providers alike.  

Banks are no strangers to the dynamic between risk and reward. The need to stay on top of trends by innovating through a precarious amount of risk is the fine line between a bank that is trying to survive versus a thriving institution. 

Some common use cases for banks to use BaaS include: 

  • Providing payment processing and gateway services to eCommerce companies, allowing them to accept payments from customers 
  • Offering lending and financing options to businesses 
  • Providing white-labeled mobile banking apps or other digital banking services to fintech companies or other non-bank organizations 
  • Offering account aggregation and other financial management tools to personal finance apps or other consumer-facing products 
  • Partnering with companies in various industries to offer customized banking services, such as co-branded credit cards or loyalty programs 


The solution 

Solution drivers, like 9Spokes, provide innovative banking institutions with BaaS platforms to encompass the end-to-end banking experience that engages its business customers. A key component to a successful partnership would be to establish a clear outline of what strategy and road map will be expected. 

Fintech partners are abundant in the banking provider industry – banks will need to research and compare their offerings. Important factors to consider are the type of service provided, the fee or pricing charged, and the reputation of the business in the industry.  

Compliance is one of the crucial components of a fintech partnership. Financial institutions need to ensure their partners are compliant with all relevant regulations such as the Payments Services Directive (PSD2) and the General Data Protection Regulation (GDPR).  

Security is paramount when it comes to banking and fintech services. Platform providers must ensure top-notch security measures are in place to protect your customers' data and transactions. 

Solution providers should offer high-level support and assistance throughout the entire process from integration or implementation to ongoing maintenance. Not only is the setting up of the platform important but the scalability to grow with the business is a vital factor.  

Fintechs should help their bank partners' developers by building a developer portal with well-written and well-documented APIs, creating a sandbox with relevant test data, and responding quickly to technical questions. 

By considering these factors, banks can make an informed decision and select a BaaS provider that will meet the needs of the business and provide the services needed to grow and succeed. 



About 9Spokes 

9Spokes provides banks with powerful data connections. Through SMB data and an engaging digital business banking experience, banks partner with 9Spokes to ensure their business customers get the most out of their data.  

Our latest tool for banks to enhance their online banking experience is live. Banking Tracker enables customers to get more from their banking data, with full visualizations and insights across bank accounts, digital wallets and payment services. 

Learn more here:


 Photo by Emil Kalibradov on Unsplash